The short seller who helped bring down Valeant is betting against the company again

Valeant
Pharmaceuticals International Inc. CEO Joseph Papa at the
company's annual general meeting in Laval, Quebec, on June
14.Christinne
Muschi/Reuters

Short seller Andrew Left is back to shorting Valeant.

According to an interview with
James Passeri at The Street, Left has entered into a short
position against the troubled pharmaceutical company that he
helped bring down in October.

"I think it's obvious it's a zero now,"
Left told The Street. He cited the decision by
Sequoia Funds, one of the largest institutional investors in
Valeant, to sell off its entire stake in the drugmaker. Left said
Valeant must be in bad shape if Sequoia looked so hard at its
investment and still walked away.

"Valeant was our largest position to start the year and its 80%
decline through June 30 badly penalized our results," the letter
said.

"For the first half, Sequoia generated a negative 13.2% return
vs. a positive 3.8% return for the S&P 500 Index. Absent
Valeant, the rest of the Fund's portfolio generated a positive
return of 2.3% for the first half."

Also on Wednesday,
a report from CNBC showed that former Valeant CEO Michael
Pearson had dumped more than 5 million shares of the stock worth
$96.8 million, which is higher than had been previously reported
by the firm.

After the news that Left was again betting against the company,
shares of Valeant fell by $1.05, or 4.5%, to $22.17 a share.
Here's a chart of Wednesday's move: